Canada GDP m/m (Gross Domestic Product) 09/30/09

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8:30am (NY Time) CA GDP m/m Forecast 0.4% Previous 0.1%

Definition
We’ll be trading the Canadian Gross Domestic Product (GDP) month on month figure, which is defined (from wikipedia) as “the market value of all final goods and services produced within a country in a given period of time. It is also considered the sum of value added at every stage of production of all final goods and services produced within a country in a given period of time.” GDP number has a direct and strong effect on the Interest rate of the currency, and it affects BOC´s short-term rate decision directly.

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Update
GDP came out worse than expected, with the market pricing in the opposite outcome pre-news, it was a golden opportunity to go long on USD/CAD. As we got in around the 30′s, we held on to the trade until 9:45am and got out around 40~50 pips of gain. In the video I closed with about 15 pips, but I did explain the potential and we got as close as the 90′s with USD/CAD.

About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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